Here is my dilemma. I am going to be applying for a mortgage in Mayish this year. I am almost paid off a large debt that held me up last year. The thing is I am currently working as a special education aid sub in my school district. I am almost done with school for Human Resources and want to change jobs before summer so I am not out of work when applying for a mortgage. Issue is I know changing jobs isn't an issue so much as changing careers but I am changing careers into a field I am finishing school for. I will be graduated by the time we apply and want to be working in that field, especially since it will mean a 3x increase in my current pay. I have been at my current job for 4 years. My husband has been at his job for 2 years now and makes 90% of our annual income. I make 11k a year and he makes 43k. The new job could mean I would make at least 30-40k a year.
Bottom line question I guess is: should I wait to apply for a new job after I get a mortgage and a house- but that could mean I am not working at the time we close or should I go ahead and take a job in the new field between now and February and just be in a new job and career a few months before applying?
i am not a professional, so dont take my advice as the best response...
absolutely take the new job. the bank/mortgage company would love to see the additional income even if it means less job longevitity.
you will probably have to explain it. but, i HIGHLY doubt that there should be an issue with this. As long as there isnt a major break in between the jobs, i doubt they would even blink an eye.
again, not a pro. just my humble opinion
good luck and congrats!
As per my suggestion, First you got a new job after that apply for a mortgage. When apply for a mortgage you need to be qualify for all the mortgage requirements. Such as credit score, income proof, bank statements, work history or list of documents.
Changing employment during the loan process is a nightmare for a loan officer. But changing careers prior to your application is workable. Obviously the earlier the better. In your case, if you have completed a college degree or certificate program and going into that related field of expertise, is an easier prospect and requires no minimum time on the job. The issue is the Underwriter needs to be able to determine what your income will be going forward and what is the probability that income continuing. As you can imagine receiving a salary would be the best possible outcome whereas being paid hourly could cause some issues unless the employer is prepared to issue the employee a minimum hours worked guarantee.
I am processing a home loan for a nurse who recently graduated from nursing school. She has been on the job only one month and does not have a 2-year work history. In her case we consider her college as work history and since she is going in a related field, she does not need a 1 or 2 year work history before being able to apply for home loan. In her case, she was provided a hire letter Which spelled out her required work schedule , position, an hourly rate which mirrored with her paycheck stub
If I were you, I would look up was a good loan officer and provide them with a higher letter select job change can be evaluated. Hope this helps!
Hope this helps!
Definately take the new job. There are work history allowances made to the 2 year requirement if the person is a recent graduate of a college or training program for the new job.
Thanks everyone for the feedback. I was hoping that would be the case. I am going in for a second interview tomorrow for a new job that directly relates to what I am graduating with in May so I am super excited.